Newcleo and Nextchem sign joint venture agreement

The binding agreement will see Nextchem taking 60% of the joint venture, with Newcleo having 40%. Nextchem will be granted an initial stake of 1.25% of Newcleo shares, increasing to around 5% pending specific milestones. The closing of the transaction is expected "during the second semester of 2025".

Newcleo will develop the nuclear reactor for its LFR-AS-200 technology, while Nextchem will leverage its own know-how to enable the joint venture company to deliver the extended basic design, procure the critical proprietary equipment relevant to the conventional island and balance of plant of the nuclear power plant, and provide project management/integration services to Newcleo.

NextCleo will also provide services to other small and advanced modular reactor technology providers.

Alessandro Bernini, CEO of Maire, said: "We are very happy to join forces with Newcleo to set a new standard in the energy transition arena. With NextCleo we start a new path to industrialise carbon-neutral chemistry models based on safe, reliable and competitive energy supply."

Stefano Buono, CEO and founder of Newcleo, said: “We are proud to welcome Maire through Nextchem among our shareholders, sealing a long-term partnership that will combine the expertise of both companies to create innovative solutions for the nuclear industry. This collaboration will leverage Maire's proven track record in complex industrial projects while accelerating the commercialisation of our lead-cooled fast reactor technology."

Paris-headquartered Newcleo's delivery roadmap sees the first non-nuclear precursor prototype of its reactor being ready by 2026 in Italy and the first reactor operational in France by the end of 2031, while the final investment decision for the first commercial power plant is expected around 2029.

At the same time, Newcleo will directly invest in a mixed uranium/plutonium oxide (MOX) plant to fuel its reactors. It has initiated site acquisition and public consultation processes in France for the MOX fuel pilot assembly line in Nogent-sure-Seine. It has also established a joint venture with Javys for up to four LFR-AS-200 reactors at the Bohunice nuclear power plant site in Slovakia.

Meanwhile, Newcleo has also announced the appointment of Andrea Ruben Levi as group chairman, saying that "the decision to dissociate the functions of Chairman and CEO reflects the company's maturity and the adoption of best-in-class governance practices as Newcleo progresses on its ambitious growth plan".